Elevated Silver Identified Across The Hycroft System In Phase 2 Drilling

WINNEMUCCA, NV - Hycroft Mining Holding Corporation (HYMC) reported on the Camel and Vortex zones from Phase 2 of its 2022-2023 exploration drill program at the Hycroft Mine. Drilling is ongoing and additional results are pending. Results to date are achieving the objectives of the Drill Program designed to improve continuity of the higher-grade intercepts, fine tune the sequencing of the mine plan, and for the first time in more than a decade, test exploration targets outside the currently known resource.

Alex Davidson, Vice President, Exploration, said, "The Phase 2 program included two core holes following up on the success of previous drilling at Vortex and returned intervals 15 times greater than the average silver grade in the 2023 resource estimate1. Both holes show continuity of high-grade silver connecting to the high-grade silver intercepts drilled in 2022 and extend this mineralization 300 meters west. Results from these holes indicate the high-grade silver mineralization will likely continue extending west towards Camel, potentially bridging the two zones."

Holes H23C-5770 and H23C-5769 were both core holes, of which H23C-5769 was drilled to confirm reverse circulation (RC) drill hole H22R-5700 drilled in 2022. Through additional review of the data, the intercept at H22R-5700 now stands at 21 m of 685 g/t Ag versus the previously reported 55 m of 396 g/t Ag. The data demonstrates continuity of high-grade silver mineralization extending west.

RC drilling in the Camel zone intercepted mineralization well outside the known resource cone as well as visible silver. Silver mineralization was encountered in areas with limited silver assay data. These results are expected to have a positive impact on the resource model.

The Phase 2 drilling campaign in the Camel zone focused on converting inferred resources to measured or indicated and areas with limited drilling predominantly to the indicated category. We are very pleased with the results, which are higher grade than reflected in the current model. Particularly exciting are the significantly elevated silver grades near surface seen in the Camel zone, as well as grades that are higher than anticipated as these areas previously had limited assays for silver. These initial results will significantly help to enhance the economics for the 2024 pre-feasibility study. The drilling has extended mineralization to the south and indicates additional exploration potential exists south of the known resource."